Corvid Peak Expands Asset Management Platform
09 Août 2023 - 7:00PM
Business Wire
Hires Coherence Team of industry veterans, led
by Salvatore Naro, with 35+ years credit experience
Corvid Peak Capital Management LLC (“Corvid Peak”), a subsidiary
of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree” or the “Company”)
announced today that it has reached an agreement in principle for
the Coherence Capital Management (“Coherence”) team of Lazard Asset
Management to join Corvid Peak. Coherence manages a liquid
long/short credit hedge fund strategy with approximately $150
million of assets under management, including the Coherence
Long/Short Credit fund, which was designated fund of the year in
2023 by Hedgeweek/Private Equity Wire in its category.
Sal Naro, founder of Coherence, will join Corvid Peak and will
continue to manage the fund along with the rest of the Coherence
team. “We are very pleased to join forces with Corvid Peak and the
Corvid Peak team,” stated Naro. “The investment opportunity in
long-short credit is increasingly attractive right now and we
expect it to remain so in the future. Having the opportunity to be
a part of an investment organization that invests across the credit
spectrum is very valuable to us.”
“Adding the capabilities of Coherence is part of our strategic
plan to grow and enhance our investment platform across multiple
strategies,” remarked Mark Black, Chief Investment Officer of
Corvid Peak. “Sal brings over 35 years of experience managing
credit risk, inclusive of an 11+ year track record managing the
Coherence funds. We are excited to partner with his team, and to
have the opportunity to expand their asset base and to develop
additional credit strategies.”
Corvid Peak will be allocating a direct investment into the
Coherence fund and all current employees of Coherence will become
employees of Corvid Peak. The closing of the transaction is subject
to limited partner consent and other closing conditions.
Corvid Peak, based in New York, is an SEC registered investment
advisor with over $1 billion of assets under management.
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version on businesswire.com: https://www.businesswire.com/news/home/20230809217173/en/
Corvid Peak Contact: Brooke Parish
bparish@corvidpeak.com
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